Warner Bros. Says No to Paramount’s $108B Offer
Business
Warner Bros. Discovery has rejected a $108 billion takeover bid from Paramount, opting instead to pursue a deal with Netflix that it considers more attractive and secure for shareholders.
Warner Bros. Discovery’s board of directors has rejected Paramount Skydance’s $108.4 billion offer to acquire the media group, Reuters reported. The board urged shareholders not to accept Paramount’s $30-per-share offer and not to abandon the ongoing deal with Netflix.
In a letter to shareholders, the board said Paramount’s proposal involves “numerous and significant risks” and accused the company of repeatedly misleading investors. By contrast, a merger with Netflix was described as a more beneficial and reliable path for shareholders.
Paramount Skydance’s offer remains open until January 8, 2026. Netflix and Paramount have been competing for Warner Bros.’ assets for several months. On December 5, Netflix announced plans to acquire Warner Bros.’ film studios and the HBO Max streaming service for $82.7 billion, or $27.75 per share. Paramount responded with a bid for the entire group, including cable networks such as CNN, TNT Sports, and Discovery.
The Netflix deal has drawn political and regulatory attention in the United States. President Donald Trump previously warned that the transaction could raise concerns due to Netflix’s already large market share. Media reports also say Paramount sought financing from Middle Eastern sovereign wealth funds and Affinity Partners, linked to Jared Kushner, in an effort to derail the Netflix-Warner Bros. agreement.
In a letter to shareholders, the board said Paramount’s proposal involves “numerous and significant risks” and accused the company of repeatedly misleading investors. By contrast, a merger with Netflix was described as a more beneficial and reliable path for shareholders.
Paramount Skydance’s offer remains open until January 8, 2026. Netflix and Paramount have been competing for Warner Bros.’ assets for several months. On December 5, Netflix announced plans to acquire Warner Bros.’ film studios and the HBO Max streaming service for $82.7 billion, or $27.75 per share. Paramount responded with a bid for the entire group, including cable networks such as CNN, TNT Sports, and Discovery.
The Netflix deal has drawn political and regulatory attention in the United States. President Donald Trump previously warned that the transaction could raise concerns due to Netflix’s already large market share. Media reports also say Paramount sought financing from Middle Eastern sovereign wealth funds and Affinity Partners, linked to Jared Kushner, in an effort to derail the Netflix-Warner Bros. agreement.
Powered by Froala Editor